Fervo Stock Skyrockets 24% on Google Geothermal Deal

Fervo Energy Company's stock surged 24.4% on Tuesday after it announced a significant geothermal partnership with Alphabet Inc.'s Google.

The deal, which includes contracts for 396 megawatts (MW) and an option for approximately 600 MW more, is Fervo's biggest power deal to date.

Google will purchase the power from Cape Station in Utah, which aims to begin commercial service in 2028. The company also has the option to increase purchases by another 600 MW, pushing the expected offtake to nearly one gigawatt by June 2030.

Fervo's market capitalization increased by $1.11 billion following the news, with its shares trading at $19.14 as of 10:42:32 EDT on Tuesday.